Nationwide Fund Advisors Trims Stake in Office Depot, Inc. (ODP)
Nationwide Fund Advisors cut its stake in shares of Office Depot, Inc. (NASDAQ:ODP) by 5.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,167,702 shares of the specialty retailer’s stock after selling 121,286 shares during the quarter. Nationwide Fund Advisors owned approximately 0.42% of Office Depot worth $9,841,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Pacad Investment Ltd. increased its holdings in Office Depot by 1,292.3% during the second quarter. Pacad Investment Ltd. now owns 18,100 shares of the specialty retailer’s stock valued at $102,000 after buying an additional 16,800 shares during the period. Eagle Global Advisors LLC purchased a new position in Office Depot during the second quarter valued at approximately $103,000. PNC Financial Services Group Inc. increased its holdings in Office Depot by 13.4% during the second quarter. PNC Financial Services Group Inc. now owns 18,514 shares of the specialty retailer’s stock valued at $104,000 after buying an additional 2,187 shares during the period. Bayesian Capital Management LP purchased a new position in Office Depot during the second quarter valued at approximately $105,000. Finally, Stratos Wealth Partners LTD. purchased a new position in Office Depot during the second quarter valued at approximately $109,000. 93.29% of the stock is currently owned by institutional investors and hedge funds.
In other Office Depot news, insider Michael R. Allison sold 360,000 shares of the firm’s stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $3.83, for a total value of $1,378,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.43% of the stock is owned by company insiders.
Shares of Office Depot, Inc. (NASDAQ ODP) opened at $3.26 on Thursday. The firm has a market cap of $1,687.71, a P/E ratio of 6.96, a price-to-earnings-growth ratio of 1.02 and a beta of 2.87. Office Depot, Inc. has a one year low of $2.97 and a one year high of $6.26. The company has a quick ratio of 0.93, a current ratio of 1.52 and a debt-to-equity ratio of 0.51.
Office Depot (NASDAQ:ODP) last announced its earnings results on Thursday, November 9th. The specialty retailer reported $0.14 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. The company had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.61 billion. Office Depot had a net margin of 3.00% and a return on equity of 12.86%. Office Depot’s revenue was down 7.6% compared to the same quarter last year. During the same period last year, the firm earned $0.16 earnings per share. equities research analysts anticipate that Office Depot, Inc. will post 0.44 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, November 24th will be paid a $0.025 dividend. The ex-dividend date is Wednesday, November 22nd. This represents a $0.10 annualized dividend and a yield of 3.07%. Office Depot’s dividend payout ratio (DPR) is 16.95%.
ODP has been the topic of several research reports. Bank of America reissued a “buy” rating and set a $6.00 price objective on shares of Office Depot in a report on Tuesday, September 5th. ValuEngine lowered shares of Office Depot from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Zacks Investment Research upgraded shares of Office Depot from a “sell” rating to a “hold” rating in a research note on Tuesday. BidaskClub upgraded shares of Office Depot from a “sell” rating to a “hold” rating in a research note on Saturday, October 7th. Finally, Jefferies Group restated a “hold” rating and issued a $4.15 target price (down from $5.00) on shares of Office Depot in a research note on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. Office Depot currently has a consensus rating of “Hold” and an average price target of $5.08.
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Office Depot Company Profile
Office Depot, Inc provides a selection of products and services to consumers and businesses of various sizes. The Company’s segments include North American Retail Division and North American Business Solutions Division. The North American Retail Division includes retail stores in the United States, including Puerto Rico and the United States Virgin Islands, which offer office supplies, technology products and solutions, business machines and related supplies, facilities products and office furniture.
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